Wednesday, January 30, 2013

Sri Lanka's John Keells Holdings net up 8-pct

Jan 30, 2013 (LBO) - Sri Lanka's John Keells Holdings, which has interests in leisure, ports, consumer goods and financial services said profits in December 2012 quarter rose 8 percent to 2.89 billion rupees from a year earlier.

 Revenues were barely changed at 21.5 billion rupees from 21.4 billion a year earlier.

 The group reported earnings of 3.38 rupees per share. For the nine months to December 2012 the group reported earnings of 8.13 rupees per share on total profits of 6.9 billion rupees, which were up 28 percent from a year earlier.

Operating profits were down 8 percent to 1.99 billion rupees but the bottomline was boosted by net interest income of 790 million rupees up 71 percent from a year earlier.

Profits from transportation which includes bunkering and container terminal were 799 million rupees slightly lower than the 805 million rupees a year earlier.

Chairman Susantha Ratnayake told shareholders the bunkering unit was hit by losses from an appreciating rupee.

Profits in hotels rose to 1.2 billion rupees from 903 million a year earlier, property was down to 160 million rupees from 310 million rupees which Ratnayake said was due to cyclical income recognition.

Consumer food and retail profits were sharply lower at 185 million rupees from 533 million a year earlier.

 Ratnayake said retail will be hurt by the imposition of value added tax to super markets. There will also be a one-off hit in the first quarter due tax on stocks carried forward.

source -

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